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Banks In League With Credit Counseling Companies
Hello Again to all my faithful readers who understand the merits of living a debt free life.
I came upon an extremely interesting article on Examiner.com. It is rare for a financial writer to really understand the ins and outs of how the banks really operate to keep you enslaved. But, the article I found by Jerry Troyer, gets it. After doing his homework, he discovered first hand that the relief offered by the banks when a consumer calls directly with a hardship, are woefully inadequate to allow the consumer to meet their payment obligations.
Additionally, he discovered that many banks, when contacted by distressed consumers who cannot afford anything the banks offer them, in terms of relief, transfer the call directly to a CCCS! That’s “Consumer Credit Counseling Service”, offering credit card consolidation.
Mr. Troyer says he has finally come to realize that the non-profit agencies are agents of the banks. Hallelujah!! How totally refreshing to see a financial writer get it.
The article goes on to say that that he has come to learn that the banks pay the non profits for every dime they collect from their credit card consolidation program. This is absolutely true and has always been true.
Here is the full article: Examiner Article. It is well worth reading.
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